中信证券发布研报称，今年上半年A股白酒上市公司营收/归母净利润同比增速为-0.8%/ -1.2%（剔除茅 五后-10.7%/ -15.1%），二季度为-4.9%/ -7.5%（剔除茅五后-18.2%/ -27.7%），显著承压，主要受到宴 请相关白酒需求大幅减少的影响，同时产品结构下移&费用率提升拖累盈利能力。 根据目前消费场景的恢复情况、头部酒企调整节奏、渠道库存价盘状态等因素，中信证券预计下半年或 是大部分酒企报表业绩下滑斜率最大的阶段。考虑到今年以来白酒板块严重跑输HS300等核心指数，且 板块估值亦处于3年及以上的底部区间，存在补涨需求，再考虑到后续需求逐步复苏趋势明确，中信证 券看好白酒行业底部配置机会。 中信证券主要观点如下： 收入端：Q2加速下滑，有基地市场的名酒开始承压。 2025年上半年A股白酒上市公司实现收入2415亿元/同比-0.8%，剔除茅台和剔除茅五后分别 为-6.0%/-10.7%，宴请相关需求承压拖累白酒行业表现。2025Q2白酒上市公司收入同比-4.9%（剔除茅 台/剔除茅五后分别为-13.0%/-18.2%），二季度行业加速下滑，仅部分公司单二季度营收增速为正。分 价格带来看 ...

Core Viewpoint - The report from CITIC Securities indicates that the second half of the year may see the steepest decline in performance for most liquor companies, influenced by the recovery of consumer scenarios, adjustments by leading liquor enterprises, and the status of channel inventory prices [1] Group 1: Industry Performance - The liquor sector has significantly underperformed compared to the HS300 index and other core indices this year [1] - The valuation of the liquor sector is currently at a bottom range not seen in over three years, suggesting a potential for rebound [1] Group 2: Future Outlook - There is a clear trend of gradual recovery in demand, which supports the view of potential bottom-fishing opportunities in the liquor industry [1]

登录新浪财经APP 搜索【信披】查看更多考评等级 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性承担法律责任。 重要内容提示： ● 会议召开时间：2025年9月11日（星期四）15:00-16:00 ● 会议召开地点：上海证券交易所上证路演中心（https://roadshow.sseinfo.com/） ● 会议召开方式：上证路演中心网络文字互动 ● 投资者可于2025年9月4日（星期四）至9月10日（星期三）16:00前登录上证路演中心网站首页点 击"提问预征集"栏目或通过公司证券事务部邮箱（tpzqb@tuopai.biz）进行提问。公司将在说明会上对投 资者普遍关注的问题进行回答。 舍得酒业股份有限公司（以下简称"公司"）已于2025年8月23日发布《舍得酒业2025年半年度报告》， 为便于广大投资者更全面深入地了解公司2025年半年度经营成果、财务状况，公司计划于2025年9月11 日（星期四）15:00-16:00举行2025年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 本次业绩说明会以网络文字互动方式召开， ...

Core Points - The company, Guizhou Zhenjiu, has issued its first penalties to 19 out of 41 alliance distributors for violating sales regulations, marking a rare public disclosure of such actions in the liquor industry [2][3] - The "Dazhen Zhenjiu" product is positioned as a "superior quality, medium price" offering, with a group purchase price set at 600 yuan per bottle and 3600 yuan per case, aimed at competing with products priced around 3000 yuan [2] - Zhenjiu has established strict sales rules, known as the "six prohibitions," to maintain product pricing and market stability, which include prohibitions on direct low pricing, online sales, and various forms of discounting [2] Company Actions - The company conducted a special inspection from August 23 to 29, identifying 19 violators among the alliance distributors, including 11 channel clients and 2 high-end wine clients [2][3] - Four Guangdong enterprises faced penalties for serious violations, including improper distribution to channel merchants and online platforms, with penalties including a 30,000 yuan fine and a 12-month observation period [3] - The company's strong stance against market disruption reflects a zero-tolerance policy towards violations, emphasizing the importance of protecting the "Dazhen" brand for the benefit of alliance partners and long-term development [3]

人民财讯9月3日电，广发证券研报表示，白酒历经四年调整期，2025年有望迎来"估值+业绩"双底，板 块进入中周期布局窗口期，股息率与十年期国债收益率比值较高，配置性价比显现。看好行业出清后需 求面的恢复。 ...

Core Viewpoint - Luzhou Laojiao has experienced its first decline in both revenue and net profit in ten years, signaling a significant shift in its performance amidst a challenging industry environment [1] Financial Performance - In the first half of 2025, Luzhou Laojiao reported revenue of 16.454 billion yuan, a decrease of 2.67% compared to the same period last year [1] - The net profit attributable to shareholders was 7.663 billion yuan, down 4.54% year-on-year [1] - Shenwan Hongyuan Securities has lowered its forecast for Luzhou Laojiao's net profit in 2025 to 11.79 billion yuan, indicating an expected year-on-year decline of 11.13% compared to 2024 [1] Industry Context - The liquor industry is undergoing a transformation and differentiation in consumer structure, leading to intensified competition and insufficient effective demand [1] - Luzhou Laojiao's performance is further challenged by the strong performance of competitors like Shanxi Fenjiu, which achieved revenue of 23.964 billion yuan, a year-on-year increase of 5.35% [2] Strategic Response - In response to the industry's downturn, Luzhou Laojiao is focusing on cultivating consumers in lower-tier markets and expanding into the high-growth light bottle liquor segment [4] - The company is also developing low-alcohol products to meet the current trends of lower alcohol content and health consciousness, although it remains cautious about market launch timing [4] - Industry experts suggest that Luzhou Laojiao's previous strategies of price increases and quota systems to maintain growth are no longer effective in the current weak demand environment [4]

智通财经APP获悉，华创证券发布研报称，饮料赛道更优，龙头优势彰显。25Q2板块收入/利润分别同 比+5.4%/+14.4%，软饮料东鹏农夫势能强劲，啤酒华润燕京、乳业伊利(600887.SH)、安琪酵母 (600298.SH)等传统龙头ROE已开启改善，餐饮供应链整体受需求影响仍在底部。具体而言：饮料赛道 相对景气，农夫(09633)瓶装水份额修复，叠加茶饮、功能性饮料红利延续，经营显著提速;东鹏 (605499.SH)能量饮料增速稳健，电解质水快速放量，叠加旺季加大冰柜陈列，延续高增。零食中魔芋 品类红利驱动盐津增长更为稳健。虽短期受电商策略调整，但全渠道布局之下韧性较优，零食量贩店稳 健增长，大魔王素毛肚品类品牌成功打造亦带动定量流通渠道增长提速。 华创证券主要观点如下： 白酒：白酒报表转负，开启加速出清。上半年白酒整体延续承压态势，二季度消费场景受损，需求端进 一步承压，酒企多放宽渠道回款压力，减少发货防止渠道过度累库，压力由渠道传递至报表，报表同比 转负，行业加速出清。 营收同比转负，结构下移拖累吨价。白酒板块单Q2营收/归母净利润同降5.0%/7.5%，剔除茅台后营收/ 归母净利同降13.0%/2 ...

所以，任何一只股票，在各种题材的配合下，在市场的疯狂炒作下，其股价超越贵州茅台都是有可能的。但要坐稳"新股王"的位置，却不是一件容易的事 情。毕竟岁月是把杀猪刀，在时间面前，那些通过市场炒作上位的"山大王"，最终都会跌落神坛，与股王的宝座说再见。因此，股王的宝座不是随便哪一 家上市公司想坐就能坐的。 来源：皮海洲 最近，A股股王贵州茅台的地位受到"寒王"寒武纪的严重挑战。截至8月29日，寒武纪的股价已连续两天力压贵州茅台，成为A股的"新股王"。 寒武纪能否就此取代贵州茅台的股王地位，这还有待于时间来考验。毕竟寒武纪股价超越贵州茅台是近期市场大力炒作的结果，而这种炒作出来的股价往 往还需要经过时间来沉淀，这个沉淀的过程，股价难免会下跌，然后股价回归到价值所在的区域。 实际上，在A股的历史上，曾经有多只股票的股价一度超越过贵州茅台，甚至就连全通教育这种非常普通的公司在题材的加持下，也受到市场的爆炒，股 价也一度超过贵州茅台而为A 股的"新股王"。但这些"新股王"并没有经受住时间的考验，一轮炒作过后，这些新股王沦为一地鸡毛，如全通教育如今的股 价最低跌到了3元附近，目前的股价也就在6元附近。 首先，公司所处的行业必 ...

Core Insights - The Chinese liquor industry is undergoing a deep adjustment, influenced by changing consumer habits and market competition, leading to a divergence in performance among companies [1][5] - Major companies like Kweichow Moutai and Wuliangye have shown steady growth in revenue and net profit, while many others are experiencing declines [3][5] - The shift towards consumer-driven strategies is crucial for companies to adapt to market demands, with a focus on low-alcohol products to attract younger consumers [1][6][7] Industry Performance - In the first half of the year, the number of large-scale liquor companies decreased to 887, indicating a contraction in the industry [5] - The liquor production volume was 1.9159 million kiloliters, down 5.8% year-on-year, while sales revenue slightly increased by 0.19% to 330.42 billion yuan [5] - Profit for the industry fell by 10.93% to 87.687 billion yuan, reflecting a challenging market environment [5] Market Trends - The average inventory turnover days for the industry increased by 10% to 900 days, with 60% of companies experiencing price inversions, particularly in the 800-1500 yuan price range [3] - The low-end and light bottle liquor segments are performing relatively well, with the main consumer price range being 50-200 yuan [3][4] - High-end liquor products in the 500-800 yuan range are facing significant price inversions due to oversupply and reduced demand for gift and business consumption [4][5] Consumer Behavior - There is a notable shift in consumer purchasing behavior towards online channels, with many consumers preferring to buy liquor online rather than in physical stores [6] - Companies are responding to changing consumer preferences by launching low-alcohol products, with several brands introducing new offerings aimed at younger demographics [6][7] - The trend towards health-conscious consumption is driving the demand for low-alcohol options, which helps companies expand their market reach and adapt to evolving consumer needs [7]

口子窖广告（孙婉秋 摄） 近期，素有"徽酒老三"之称的口子窖披露2025年中期业绩。报告期内，公司实现营收约25.31亿元，同比下滑20.07%，对应归母净利润为7.15亿元，较 上年同期减少24.63%，毛利率同比下滑2.77个百分点至73.07%。 交出一份营利双跌的 " 成绩单 " 后，口子窖下半年压力陡增。 截至6月末，口子窖来自"大本营"安徽省内的收入约21亿元，较上年同期的26亿元下滑19.31%，省外市场则同比下滑19.24%至3.84亿元。其中第二季 度，公司安徽省内、省外分别实现收入5.15亿元、1.83亿元，同比下滑54.01%、18.57%。 可以看出，第二季度，口子窖在安徽省内的销售更加低迷。而截至5月末，公司在安徽省内的经销商数量为536家，省外经销商数量则实现反超，对应 546家。 动销萎靡之下，口子窖的现金流也开始承压。 按季度拆分来看，今年一季度，口子窖实现营收18.1亿元，同比提升2.42%，归母净利润则同比增长3.59%至6.1亿元。第二季度，公司经营情况急剧 恶化，当季营收同比下滑48.48%至7.21亿元，归母净利润只有1.05亿元，同比跌幅达到70.91%。 财报中， ...